Best CD Rates in New York
We compared 356 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in New York. Learn why we picked each account—including its pros and cons—then dig deeper by reading our individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of June 4, 2024.
Bethpage Federal Credit Union Certificate Account
5.0
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
2.25% to 4.00%
Minimum Deposit Requirement
$50
Interest Compounding Frequency
Daily
On Bankrate.com's Website
2.25% to 4.00%
$50
Daily
Editor's Take
Bethpage Federal Credit Union makes it easy to start saving with a share certificate account. You can open an account with as little as $50 and choose from terms ranging from three to 60 months.
Savers can earn the highest APY with Bethpage’s six- and 12-month certificates. All certificate deposits are insured by the National Credit Union Administration (NCUA).
You’ll need to join Bethpage Federal Credit Union to open a share certificate account. The only requirement is a $5 minimum deposit into a Bethpage savings account. You can open an account online in minutes.
Read our full Bethpage Federal Credit Union Review.
Pros & Cons
- Competitive dividend yields across terms
- Wide range of terms
- Very low $50 minimum deposit requirement
- Fairly easy to join
- It’s possible to find higher rates at other banks and credit unions
- Must open a savings account to access certificates
- Requires membership
Expert's Take
Some Bethpage CDs are offering competitive interest rates for savers looking to lock in an interest rate for an extended period of time, which can make sense if rates fall in the near future. Keep in mind that Bethpage CDs automatically renew at maturity, so if you need to free up your funds at the end of your CD maturity period, set a calendar reminder to request your funds when your CD matures.
—Natalie Taylor, CFP
Bethpage Federal Credit Union CD Rates
| TERM | APY |
|---|---|
3 Month | 2.25% |
6 Month | 4.00% |
11 Month | 5.00% |
12 Month | 4.00% |
18 Month | 3.00% |
24 Month | 3.00% |
30 Month | 3.00% |
36 Month | 4.00% |
39 Month Bump-Up | 3.00% |
48 Month | 3.00% |
60 Month | 3.00% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. For certificates opened online, dividends are compounded daily and credited monthly. Members who open a six-, 12-, 24-, 36- or 39-month certificate in a branch can select a dividend period and crediting frequency of monthly or quarterly.
Maturity options
There’s a seven-day grace period after your certificate matures to renew or change the account.
Early withdrawal penalty
Early withdrawal penalties equal either 90 or 180 days’ dividends, depending on term length.
Capital One Certificates of Deposit
4.8
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
3.90% to 5.00%
Minimum Deposit Requirement
$0
Interest Compounding Frequency
Monthly
On Bankrate.com's Website
3.90% to 5.00%
$0
Monthly
Editor's Take
Capital One Certificates of Deposit are another great option if you’re looking for the best CD rates in New York. With APYs ranging from 3.90% to 5.00%, customers can enjoy competitive rates. Capital One 360 CDs lack a minimum deposit requirement, so you can start saving even if you don’t have a lot of money to spare.
Capital One 360 CDs come in terms ranging from six months to five years. Another perk is that you can choose when you receive your interest payouts—monthly, annually or at the end of your CD term—although interest is compounded monthly rather than daily.
Read our full Capital One 360 Review.
Pros & Cons
- No minimum deposit requirement
- Flexible interest payout options
- Backed by a reputable institution
- Other banks offer higher APYs
- Few branches compared to other national banks
- Strict early withdrawal penalty
Details
Interest on Capital One’s 18-month CD compounds daily and gets credited to your account monthly. Upon your CD’s maturity, you have a 10-day grace period during which you can withdraw from your CD before it renews for another term. If you withdraw your principal balance before maturity, you’ll pay a penalty fee equal to six months of interest.
Navy Federal Credit Union EasyStart℠ Certificate
4.7
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
4.15% to 4.75%
Minimum Deposit Requirement
$50
Interest Compounding Frequency
Daily
Learn More
Read Our Full Review
4.15% to 4.75%
$50
Daily
Editor's Take
Navy Federal Credit Union’s EasyStart Certificates offer a competitive APY—up to 4.70%—for terms ranging from six to 24 months. With a low minimum opening deposit of $50, these certificates are perfect for building your savings from scratch. While most CDs only allow a single deposit, you can add money to your EasyStart Certificate at any time. You can even set up recurring automatic deposits.
There’s also the Navy Federal Credit Union Special EasyStart Certificate that earns 5.30% APY, although it has a maximum deposit cap of $3,000 and requires a checking account with direct deposit. The Navy Federal Credit Union Standard Certificate have no maximum deposit cap, and the 12, 18 and 24-month certificates earn competitive rates from 2.75% to 4.80%APY with a minimum deposit of $1,000
You must become a Navy Federal Credit Union member to open an account. To be eligible, you must be a member of the armed forces, a veteran, a family member of a current or retired service member or a Department of Defense employee.
Read our full Navy Federal Credit Union Review.
Pros & Cons
- Low minimum deposit requirement
- Competitive APY
- Deposit additional funds at any time
- Must be affiliated with the military or the Department of Defense to open an account
- Limited number of physical branches
- Longest term is 24 months
Details
Interest compounds daily and is credited monthly. When your CD matures, you have a 21-day grace period, during which you can make changes to your account. Otherwise, it will renew automatically. Withdrawals of your principal deposit before the maturity date are subject to a penalty, which varies by term.
Quontic Bank Certificate of Deposit
4.6
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
4.30% to 5.05%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
On Quontic Bank's Website
4.30% to 5.05%
$500
Daily
Editor's Take
Quontic Bank CDs have competitive rates across all terms from six months to 60 months. Quontic’s 12-month CD offers 4.50% APY—one of the highest rates on our list. You must deposit at least $500 to open a CD.
Opening an account online takes as little as three minutes, according to Quontic’s website. The Federal Deposit Insurance Corporation (FDIC) insures all deposits at Quontic Bank.
Read our full Quontic Bank Review.
Pros & Cons
- Competitive APYs across CD terms
- Innovative online and mobile tools
- Low minimum deposit requirement
- Open an account online within minutes
- Only offers six term options
- Quontic doesn’t accept cash deposits
Expert's Take
Some of the benefits of Quontic CDs are the low minimum to open an account and the ability to quickly get started online. The drawback of using digital banks like Quontic is that you don’t have access to physical branches. If you prefer the in-person banking experience or need to deposit cash, this could be a deterrent. It’s also good to note that you don’t necessarily earn a higher interest rate for locking up your money longer.
—Gloria Garcia, CFP
Quontic Bank CD Rates
| TERM | APY |
|---|---|
3 Months | 4.85% |
6 Months | 5.05% |
12 Months | 4.50% |
24 Months | 4.50% |
36 Months | 4.40% |
60 Months | 4.30% |
Interest compounds daily and is credited monthly. Once your CD matures, Quontic Bank provides a 10-day grace period to withdraw your funds. Otherwise, it automatically renews the CD. Early withdrawal penalties vary by term.
PenFed Credit Union Money Market Certificates
4.4
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
3.00% to 4.00%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
Daily
On Bankrate.com's Website
3.00% to 4.00%
$1,000
Daily
Editor's Take
PenFed Credit Union offers money market certificates with terms ranging from six months to seven years. A “certificate” is essentially a CD offered by a credit union. The credit union’s mid-length certificates offer the highest rates. Customers have the ability to change their maturity option at any time prior to maturity, adding some flexibility to this account.
Dividends on certificates are compounded daily for terms greater than six months, while those with terms shorter than six months earn dividends on a simple-interest basis. Because this account is offered by a credit union, you must be a member in order to open an account. Fortunately, PenFed membership is open to anyone in the U.S.
Pros & Cons
- Competitive dividend rates across terms
- Wide range of certificate terms
- Change your maturity option at any time prior to maturity
- Dividends compounded daily on certificate terms greater than six months
- Highly rated mobile app
- Membership is required to open a certificate
- Early withdrawal penalties can be steep
- Must open a savings account to access certificates
Expert's Take
PenFed certificates have significantly lower rates across the maturity spectrum than others. In addition, their early withdrawal penalties are pretty onerous compared to what is standard. They’re about the most severe I have heard.
—Jill Fopiano, CEO at O’Brien Wealth Partners
PenFed Credit Union CD Rates
| TERM | APY |
|---|---|
6 Months | 3.00% |
12 Months | 4.00% |
15 Months | 4.00% |
18 Months | 4.00% |
24 Months | 4.00% |
36 Months | 3.40% |
48 Months | 3.20% |
60 Months | 3.20% |
84 Months | 3.00% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends on six-month certificates are earned on a simple (not compound) interest basis and are paid when the certificate matures. Dividends on all other CDs are compounded daily and credited monthly.
Maturity options
With PenFed, you choose your maturity option when you open your certificate and can change it anytime prior to maturity. This gives you some flexibility, and extra time, to decide what you’d like to do with the funds in your account when it matures. You can transfer the funds into another PenFed account, roll it into a new certificate, get a mailed check or transfer it via ACH.
Summary: Best CD Rates In New York
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Compounding Frequency | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| Bethpage Federal Credit Union Certificate Account |  | 5.0 |  | 2.25% to 4.00% | $50 | Daily | Learn more | On Fiona.com's Website | |
| Capital One Certificates of Deposit |  | 4.8 | | 3.90% to 5.00% | $0 | Monthly | Learn more | Read Our Full Review | |
| Navy Federal Credit Union EasyStart℠ Certificate |  | 4.7 |  | 4.15% to 4.75% | $50 | Daily | Learn More | Read Our Full Review | |
| Quontic Bank Certificate of Deposit |  | 4.6 | | 4.30% to 5.05% | $500 | Daily | Learn more | On Quontic Bank's Website | |
| PenFed Credit Union Money Market Certificates |  | 4.4 | | 3.00% to 4.00% | $1,000 | Daily | Learn more | On Fiona.com's Website |
Methodology
To find the best CD rates in New York, Forbes Advisor looked at 356 CD accounts at 134 financial institutions that serve residents of New York. This included a mix of traditional brick-and-mortar banks, online banks and credit unions. For the star ratings, we analyzed each certificate on 10 data points within the categories of APY, minimum deposit requirements, compound interest schedule, customer service, digital experience, available terms and overall availability.
The following is the weighting assigned to each category:
- APY: 50%
- Minimum deposit requirement: 21.5%
- Compound interest schedule: 7.5%
- Digital experience: 6%
- Customer service: 5%
- Availability: 5%
- Available terms: 5%
Based on these categories, we ranked CD accounts from best to worst. CD accounts with high APYs rose to the top of the list. Minimum deposit requirements of $10,000 or higher had a negative impact on scores. Daily compounding interest schedules increased an account’s score more than monthly or quarterly schedules. To appear on this list, the account must be available in New York.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
How To Find the Highest CD Rates in New York
If you’re looking to find the highest CD rates in New York, you might want to start with New York credit unions. Several of the highest CD APYs in New York are offered by credit unions, and the rest are offered by online banks.
Being a New York resident doesn’t mean you can only get CDs at banks or credit unions that have a physical location in New York. You have lots of options. Some credit unions, like PenFed, offer membership to people nationwide. Online banks serve customers throughout the U.S. and sometimes offer highly competitive rates on CDs, such as Quontic Bank’s CDs, which offer from 4.30% to 5.05% APY.
Pro Tip
Read the fine print before you open a CD. Some CDs offer an attractive APY but might only pay that rate up to a maximum account balance, or the financial institution might require a minimum balance or relationship account to qualify. Make sure the higher APY is worth any extra effort or cost involved to earn it.
Short-Term CDs in New York
Short-term CDs are a great way to save money for a specific goal within the next year, such as a down payment on a house or a new car. They offer a fixed interest rate, which means you can know ahead of time how much money you’ll earn—even if interest rates go down. And, because they’re short-term, you won’t have to lock your money away for a long period of time.
All of the accounts on our best CD rates in New York list offer short-term CDs with terms as brief as three or six months.
Long-Term CDs in New York
Long-term CDs in New York may offer a higher interest rate than short-term CDs, but they also require you to keep your money locked up for a longer period of time. These CDs come with terms of one year or longer.
All of the CDs on our list offer terms of one year or longer, with most offering term lengths of up to five or seven years.
Jumbo CDs in New York
The best jumbo CDs in New York offer higher APYs to customers with larger balances. Jumbo CDs typically require an opening deposit of at least $100,000. These are good for customers who want to invest a lot of money in a CD and earn more than they would with a savings account.
Most of the CDs on this list pay the same APY across all balances. However, some of the institutions listed also offer jumbo CDs or certificates with a tiered APY that pays higher rates on larger balances. If you plan to deposit $100,000 or more, these are worth looking into.
Forbes Advisor Personal Finance Reviewer and Writer Cassidy Horton and Banking Reviewer and Writer Ben Gran contributed to this article.
Find The Best CD Rates Of 2024
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Frequently Asked Questions (FAQs)
Which bank has the best CD rates in New York?
Capital One Bank and Quontic Bank offer some of the best CD rates we’ve found at New York banks, with rates up to 5.00% APY at the former and ranging from 4.30% to 5.05% APY at the latter. Bethpage Federal Credit Union, PenFed Credit Union and Navy Federal Credit Union also offer some of the best CD rates in New York.
What’s the average CD rate in New York?
According to FDIC survey data, as of June 17, 2024, the national average rate on a 12-month CD is 1.86%. That means the best CD rates in New York (above 5.00% APY) give you almost three times the earnings that you’d get from an average CD.
How to get the best 1-year CD interest rates in New York?
If you want the best CD rates in New York on a one-year term, you might consider Quontic Bank. Quontic Bank offers CD rates from 4.30% to 5.05% APY, which is the highest rate we’ve found for New York financial institutions.
Other banks and credit unions like Capital One and PenFed also offer high rates. Capital One offers 5.00%APY on its one-year CD, and PenFed Credit Union offers 4.00% APY on its one-year Money Market Certificate.
How does a CD ladder work?
A CD ladder is an investment strategy that involves purchasing multiple CDs with staggered term lengths with the goal of maximizing your long-term earnings while maintaining short-term access to cash. For example, if you had $12,000 of cash, you could put $4,000 into three different CDs with six-month, 12-month, and 18-month terms. The 18-month CD might offer the highest rate, but spreading cash across these three CDs allows you to access your funds every six months while still taking advantage of that high rate.
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